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| Europe |
| U.S. Ambassador and sanctions cause drop in German-Iran trade |
| 2019-03-30 |
| [JPost] An assertive anti-Iranian regime policy by the US Ambassador to Germany and American sanctions targeting the Islamic Republic of Iran's economy caused a 9% decrease in German exports to Iran in 2018. Plus, Iran's own currency is losing value - fast According to Ulrich Nußbaum, a State Secretary at the Federal Ministry for Economic Affairs and Energy, German exports plummeted from 3.15 billion Euro in 2017 to 2.7 billion Euro in 2018. The German weekly Die Zeit first reported on the drop in German exports to Iran. The governments of Germany, France and the United Kingdom created a financial mechanism called Instex to circumvent US sanctions against Iran. Nußbaum said Instex is "at this time in the phase of being operationalized." Major German banks such as Commerzbank and Deutsche Bank have declined to conduct business with Iran because of exposure to US sanctions. As a result, according to an early March article in the Hamburger Abendblatt, for companies in the German state of Lower Saxony this presents a "big challenge." The paper wrote "since November virtually no transfers of funds from Iran to the house banks of the Lower Saxony companies have taken place." |
| Posted by:Frank G |
| #1 The governments of Germany, France and the United Kingdom created a financial mechanism called Instex to circumvent US sanctions against Iran. Well, that confirms that these three countries are no longer allies. Act accordingly. |
| Posted by: Alaska Paul 2019-03-30 16:26 |